elson - governing global finance; the evolution and reform of the international financial architecture (2011)

[...]... within the IFA and to establish safeguards for a further expansion of financial globalization The reform identified issues of global financial stability for the first time and established the twin peaks of the IMF and the Financial Stability Forum (FSF) for financial system oversight Chapter 6 focuses on the recent pattern of private financial f lows to developing countries and the challenges of financial. .. licensed to ETH Zuerich - PalgraveConnect - 201 1-0 4-0 1 8 10.1057/9780230118010 - Governing Global Finance, Anthony Elson 9780230103788_02_ch01.indd 8 12/24/2010 10:43:25 AM Financial Globalization and the International Financial Architecture T his chapter provides a brief review of the recent evolution of financial globalization and examines the rationale for the international financial architecture (IFA)... anticipate the global financial crisis that erupted in late 2008? And how does the IFA need to be reformed to make it work more effectively in the future? Main Outline of the Book The rest of this book attempts to trace the key markers in the evolution of financial globalization during the post–World War II period and in the development of the IFA, with a view to explaining the background and causes for the. .. recent global financial crisis The book concludes with recommendations for the reform of the IFA as a means of minimizing the risk of future financial crises The narrative and arguments of the book are laid out in the following chapter sequence Chapter 2 provides a brief review of the nature and evolution of financial globalization in recent decades, as ref lected in a variety of quantitative measures and. .. US-based financial institutions in the international financial system, which led to growing competition with the United Kingdom, Japan, and the EU, as these governments supported global expansion by their domestic financial institutions as well Copyright material from www.palgraveconnect.com - licensed to ETH Zuerich - PalgraveConnect - 201 1-0 4-0 1 Financial Globalization and the IFA The Role of the International. .. been written about the IFA, especially during the secondreform period of the late 1990s when the term first came into general use Undoubtedly much more will continue to be written in the light of the ongoing crisis Most of this literature deals with either a particular period of international financial reform or the history of one of the key components of the architecture, such as the International Monetary... in the international financial system and to coordinate policy responses is also highlighted In the area of crisis management, the chapter focuses on the role that the G20 has played in the international coordination of policy responses, the mobilization of financial resources to deal with the effects of the crisis, and the preparations for a postcrisis world Chapter 9 evaluates the third reform of the. .. in the latest wave of financial globalization since the beginning of the new century The globalization of finance that took root and expanded during the last quarter of the twentieth century was the natural accompaniment of the growth in world trade and foreign investment that was supported by the post–World War II international economic and financial arrangements embodied in the so-called Bretton Woods... appears at the end of the book, which provides a brief summary description of each of the committees, groups, and institutions that make up the IFA Key Themes of the Book Many themes are present in the narrative of this book, which are useful to summarize at the beginning 1 Since the mid-twentieth century, the globalization of finance has been an important force in the integration of the global economy... financial system, in much the same way that governance arrangements for financial systems at the national level have evolved Prominent among these crises have been the collapse of the Bretton Woods system in the early 1970s, the international debt crises of the 1980s, and the financial crises of emerging market economies of the 1990s The global financial crisis of 2008–9 will become another benchmark in this . 2 Financial Globalization and the International Financial Architecture 9 3 The Evolution of the Global Financial Order 27 4 The Breakdown of the Bretton Woods System and First Reform of the. Countries in a World of Financial Globalization 109 7 Financial Globalization and the Onset of the Global Financial Crisis of 2008–9 129 8 The Role of the International Financial Architecture in. for a further expansion of financial global- ization. The reform identified issues of global financial stability for the first time and established the twin peaks of the IMF and the Financial